During January, credit unions picked up 463,000 in new memberships, and loan and savings balances grew at an 11.4% and 5.2% seasonally-adjusted annualized pace, respectively. Firms hired 239,000 workers, nominal consumer spending increased 0.2%, and long-term interest rates increased 18 basis points. Real GDP increased 2.5% in the fourth quarter and 2.5% for all of 2017, above the 1.6% increase in 2016.

 

Additional highlights of this month's report include:

 

• At the end of January, CUNA's monthly estimates reported 5,758 CUs in operation, nine fewer than one month earlier. Year-over-year, the number of credit unions declined by 248, more than the 224 lost in the 12 months ending in January 2017.
• Total credit union assets fell 0.1% in January, below the 0.5% gain reported in January 2017. Assets rose 5.9% during the past year due to a 6.1% increase in deposits, a -1.3% decrease in borrowings, and a 6.9% increase in capital.
• The nation's credit unions increased their loan portfolios by 0.7% in January, more than the 0.6% pace reported in January 2017. Loan balances are up 10.9% during the last 12 months. With loan balances growing faster than savings, credit union liquidity is tightening up as the credit union average loan-to-savings ratio reached 84.4%, up from 80.8% in January 2017.
• Credit union memberships rose 0.41% in January, up from the 0.19% gain reported in January 2017. Memberships are up 4.6% during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates.
• Credit union loan delinquency rates rose to 0.8% in January from 0.79% in December, but is down from 0.83% from one year ago. The credit union capital-to-asset ratio rose to 10.7% in January from 10.6% last January, as capital growth outpaced asset growth.

 

Members credit unions can view the complete report here. If you have problems accessing the information, or have additional questions about the research and information services provided by the League, please contact Theresa Fonseca at (800) 452-7221, ext. 3020, or [email protected].  

 

Now in its 41st year, this remarkable program affords youth a week-long trip to Washington, DC to learn of our nation's rich history and politics.  Electric co-ops from 45 states participate, sending more than 1,800 youth nationwide to Washington each year. Locally, twelve finalists are chosen to present their essays advocating political reform, written to local and national leaders, at the annual DEMCO Washington Youth Tour Banquet.  The top four presenters are then chosen to represent Louisiana youth in Washington, DC. 

"It has been an honor to work with DEMCO in supporting tomorrow's leaders," stated Joshua Poole, CEO of BRECO FCU.  "These are extraordinary young adults, who are dedicated to building a better future."